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LIEXS                                         65

returning to port or reaching her destination settlement of
the loan will be made, or the holder of the bond has the
right to exercise his lien, and seize the ship in lien of pay-
ment. A respondentia bond applies to a loan on the
security of cargo alone, when the master is unable to
obtain sufficient money for his purpose against the pledging
of his owner's credit or vessel, in which case he may pledge
the freight, and finally the cargo.

Should a vessel be lost, when a lien is held either by way
of bottomry or respondentia, then the holder automatically
loses his right of lien, because the object upon which he has
the power of exercising such lien has ceased to exist. It
will be noticed by reference to the form of bottomry bond
in the appendix that the holder of the bond is given settle-
ment or right of lien only upon the safe arrival of the ship.

When a vessel is seized under a maritime lien, it may not
be sold until such a time as action has been taken, and
sanction has been given by a court of law for the vessel to
be disposed of.